The Federal government has approved a 21 billion naira funds for the purchase of meters.
According to the Nigerian Electricity Regulatory Commissions (NERC), the funds is said to be disbursed to 11 electricity Distribution Companies (DisCos) to provide meters for customers.
The announcement was made in NERC’s Order NO: NERC/2024/072 on the Operationalization of “Tranche A” of the Presidential Metering Initiative Under the Framework of Meter Acquisition Fund.
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It said;
”The order signed by NERC Chairman, Mr Sanusi Garba and Commissioner Legal, Dafe Akpeneye, shall become effective from June 2024 and may be amended or revoked by subsequent orders issued by the commission.
“The commission hereby approves the sum of N21 billion apportioned pro rata to contribution by the DisCos as Tranche A of the MAF scheme.
”Attached to this order as Schedule 1 is a breakdown of the funds available for each DisCo for the purchase of end-use customer meters.
”All the meters to be procured and installed under the MAF framework shall be at no cost to the customers of the DisCos,” it said.
”The inability of distribution companies (DisCos) to raise financing in the form of debt or additional equity was identified as the major constraint in the acquisition and deployment of end-use meters and other capital investments.
”The Meter Acquisition Fund (MAF) scheme was therefore, developed and approved by the commission, primarily to address the challenges of DisCos creditworthiness inhibiting the deployment of end-use meter in NESI.
”By creating a credible revenue stream from the market funds on the back of which long-term financing may be secured by the utilities,”
